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Money Lending by Councils #1004423
15th Mar 2016 12:31am
15th Mar 2016 12:31am
Joined: Jun 2011
Posts: 16,032
Wirral
granny Offline OP
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granny  Offline OP
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Posts: 16,032
Wirral
According to a local newsletter, WBC are lending money again. After 2013 when deals were negotiated to lend 35.5 million to other councils, we see that they are now about to lend a further 3 council a total of 5 million at 0.5% interest.
Altogether , Wirral Council now has 73 million invested elsewhere and are set to raise Council Tax by a possible 4% rise.

Does anyone else consider this to be strangely ludicrous , considering the bleating, the blaming and the robust continuation of threats to services that they 'apparently' can't afford ?


Last edited by granny; 15th Mar 2016 12:32am.

Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect.
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Re: Money Lending by Councils [Re: granny] #1004424
15th Mar 2016 1:09am
15th Mar 2016 1:09am
Joined: Jul 2008
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diggingdeeper Offline

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diggingdeeper  Offline

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The council does have to keep reserves and can't just eat into them unless they have some sort of idea how they will reverse the process in the future.

However .... these ridiculously low interest rates they offer other councils is robbing us imho.

The council also borrows money (at higher interest rates than they lend) which is really absurd.


In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

We should judge our economy by the absence of poverty, not the number of billionaires - Jeremy Corbyn
Re: Money Lending by Councils [Re: granny] #1004425
15th Mar 2016 7:40am
15th Mar 2016 7:40am
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venice Offline

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venice  Offline

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Can remember the days when Irish councils (possibly here too) were borrowing money through bonds offered to the public @ 16%

Re: Money Lending by Councils [Re: granny] #1004443
15th Mar 2016 2:16pm
15th Mar 2016 2:16pm
Joined: Jul 2008
Posts: 12,278
Birkenhead
diggingdeeper Offline

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diggingdeeper  Offline

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Warrington council re-introduced public bonds last year, also the Local Government association has started an agency whose purpose is to issue municipal bonds.

For years the councils used to issue 6% council mortgages but I guess these aren't viable at the moment because mortgage rates have bottomed at the 1.5% margin which we are currently experiencing.

Ultra low inflation stagnates society, it should be somewhere between 4% and 7% inflation to ensure the money flows around. At the moment money is flowing round in circles in the money market but isn't in the social market.


In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

We should judge our economy by the absence of poverty, not the number of billionaires - Jeremy Corbyn
Re: Money Lending by Councils [Re: diggingdeeper] #1004470
15th Mar 2016 8:29pm
15th Mar 2016 8:29pm
Joined: Aug 2011
Posts: 137
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oldpm01 Offline
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oldpm01  Offline
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Wish they would use some money to fix all the potholes on Brimstage road - its shocking


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